This transcript has been automatically generated and may not be 100% accurate.

... the the ... really well ... okay ... well um it's been a reason why shouldn't they ... ok still GDP growth in the US ... maybe two two-and-a-half percent ... before locking people up European growth probably negative ... this year ... Asian growth slowdown stock markets probably pretty fully valued right now is that the Dow's thirty thousand ... pounds taking ... tell me why ... all you train your trading if you believe that quarter earnings estimates for training about twelve times forward earnings and a ... historic median is about fifteen fifteen and handsome I can continue to pick up in the economy in the second half of next year barring some kind of black swan of them like little The at two hundred dollars a barrel ... I think they're going to have a read the resolution ... on the fiscal ... cliff that everybody's ... actually I do pray well I think I think our ... astronaut time NBC and a pre good network on the deal I'm sorry ... um ... but I think I think you're gonna get some kind of agreement prior to January first ... and then they'll push the rest of the talent ... um but look at some of the Fed fits into this rate now because we're saying interest rates are now so low of real investment firm ... called companies to be in the US ... pretty for ... Irene still pretty anemic ... those seem to be the ... import ... tool of two very important writers ... if if your scenario takes place that there really is economic growth ... we gotta get companies spending nearly getting companies hire ... so I don't disagree with that so wise and a half ... it is happening to them so what are the country here and I was in eastern Ohio in Youngstown ... is an absolute boom there because of the Utica rest for the goes up the journey to New York ... it's going on in the Angels going on the Eagles for its going on I can sell you view as an energy situation ... might help ... I also think the getting the re industrialization of the of the US ... are you getting plants moving back from China into the U S ... corporations in the US effectively have an inflation adjusted zero cost of capital ... now through automation and robotics and you actually have to hire people for their jobs and the future cost of labor moving down ... one of the Casa labor is moving them twisting that happen right now in our lives cross country into a lot of their recent media are based on their Georgetown Kentucky ... of what can we say though about ... actual capital spending because with no copies of barring ... and a lot of what the using the money for ... is to buy back shares ... the IMF does not create jobs streets share pool yet and you got money supply growing it's another thing Another reason I think you can see the equity markets ... go up what ... companies are not going to invest ... in cap acts ... of when incomes are declining ... and ten ... and they're not investing cap ex ... has to worry about the financial cliff the CEOs CIO Sino step to the sidelines six months of the word about the presidential Medal ... and the fiscal cliff to get a resolution to the fiscal cliff ... I think it starts to think ok ... to ask the question when bond markets ... a few different the deed not the election of ... Barack Obama pretty much assures you can have low interest rates for the next eighteen to twenty four months on end up in it and it's not over bought right now above the lot I think it's an exit we may have ... to give them the next two years now ok and does ... you are waiting in different areas in the stock market for two thousand thirteen ... D how the matrix that you ... talk to clients about the ways in ... terms of the overall portfolio via the only the only sector of the avoiding right here are the consumer staples ... because I think you can get a reset of the economy in the one I wanna be an industrial zone on the Consumer Discretionary ... Select technology ... I mean your your your computer's eventually going into your cell phone bill and our brains out so that yet ... on that ... aam and I think this or that our stocks I think are still a good way to get that right now I ask our previous guest of tax to make a buy or sell ... you may not be the Mid by his same ... requirements you have a single stock picked our cell that ... you think is the ... of the lead up to what ... I've read a report that email thanks antismoking you later years here health care costs by twenty percent but if you're obese goes up by fifty percent the baby boomers ... are ... obese and moving into their sixties so ... I think diabetes place have long links is one of the beaded DVA sure it has Soros and in buffet yet yet and there's a new one we picked that covered her mind My fundamental analysts like both of these ... are called that's kind ... of we don't have to your finger in its modern and say to beat Isabel says company yet VBAC Isles in the second ... time to stop ... think so much we will see if two dozen thirteen yields the ... predictions of to confront us today